METALS-Copper drops for 2nd session on China’s growth worries
(Adds quote, updates prices)
SINGAPORE, Oct 2 (Reuters) – Copper prices fell for a second session on Tuesday as growth in China’s manufacturing sector slowed in September, raising concerns over demand in the world’s biggest industrial metals consumer.
Three-month copper on the London Metal Exchange fell 0.7 percent to $6,206 a tonne by 0246 GMT.
CHINA: Growth in China’s manufacturing sector sputtered in September as both external and domestic demand weakened, two surveys showed on Sunday, raising the pressure on policymakers as U.S. tariffs appear to be inflicting a heavier toll on the Chinese economy.
SURVEY: A private survey showed growth in the factory sector stalled after 15 months of expansion, with export orders falling the fastest in over two years, while an official survey confirmed a further manufacturing weakening.
TARIFFS: U.S. President Donald Trump on Monday said it was “too soon” for Washington to talk to Beijing about working out a deal on trade, suggesting U.S. tariffs have yet to exert enough pressure to force Beijing into making concessions at the negotiating table.
HOLIDAY: Traders expect subdued activity this week due to Chinese holidays.
PMI: “Copper prices remained under pressure overnight, largely on the back of weaker-than expected PMI numbers from China which raise concerns on the health of the China’s economy, ANZ said in a note.
NAFTA: “This continues to largely offset the easing in trade worries following the replacement of the NAFTA agreement signed yesterday.”
CANADA: Canada, buoyed by a last-minute continental trade deal it sealed with the United States and Mexico, is pressing Washington to remove steel and aluminium tariffs, senior Canadian officials said on Monday.
Three month LME copper
Most active ShFE copper
Three month LME aluminium
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Three month LME zinc
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Three month LME lead
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Three month LME nickel
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Three month LME tin
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(Reporting by Naveen Thukral; Editing by Sunil Nair and Richard Pullin)